Internal Revenue Bulletin: 2012-45
November 5, 2012
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for October 2012.
This notice provides interim guidance under section 6050W of the Code to payment settlement entities (as defined in Regulations section 1.6050W-1(a)(4)(i)) (PSEs) that are United States payors or United States middlemen (each as defined in Regulations section 1.6049-5(c)(5)) regarding the circumstances under which the return of information required under Regulations section 1.6050W-1(a)(1) is required with respect to a payment to an offshore account. Treasury and the Service intend to amend the regulations under section 6050W to reflect the guidance provided in this notice and Notice 2011-71, 2011-37 I.R.B. 233. PSEs may rely on the interim guidance in this notice until the regulations are amended.
This procedure sets forth the 2013 cost-of-living adjustments to certain items due to inflation as required under various provisions of the Code and Service guidance. This procedure does not include the following items: the tax rate tables under section 1 , the adoption credit under section 23, the child tax credit under section 24, the Hope Scholarship and Lifetime Learning Credits under section 25A, the earned income credit under section 32, the standard deduction under section 63, the overall limitation on itemized deductions under section 68, the adoption assistance exclusion under section 137, the personal exemption under section 151, the interest on education loans under section 221, and the unified credit against estate tax for estates of decedents under section 2010(c). Those items will be addressed in future guidance.
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